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Reply to "DC Housing Prices drop beginning "
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[quote=Anonymous][quote=Anonymous]I think the $1.5m-$3m market is going to get hit hard. A flipped house that would have sold for $2m in WOTP DC in 2019 now won't sell. The developers will need to get the price down to $1.5m-$1.7m range to generate interest. The higher end market is going to have a rough time. Plus, getting a mortgage on one of those is going to be tough, especially if you are self-employee or an equity partner. However, this is good news if you have $400-500K downpayment and want to spend $1.2-1.3m. The home that were previously $1.5m are now going to be reduced to your budget range. I feel like a sweet spot will open up for UMC buyers with 30-40% down payments and stable jobs.[/quote] Instead of 1.5m house come down to 1.2-1.3m, I only saw 1-1.1m house going up to 1.2-1.3, and being sold within days... can PP explain why?[/quote]
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